The proper journal entry to record 1000 of Dividends paid by Myers Corporation

The proper journal entry to record 1000 of dividends

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6. The proper journal entry to record $1,000 of Dividends paid by Myer's Corporation is: a.Dividends1,000Cash1,000b.Accounts Payable1,000 Cash 1,000c.Dividends Expense1,000 Cash 1,000d.Dividends Expense1,000 Service Revenue1,000 Answer 7. Lynn Lipincott invested land valued at $5,000 in her business. This transaction would be recorded by:
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Answer 8. The trial balance: Answer 9. Which of the following errors will be disclosed in the preparation of a trial balance? Answer 10. The basic sequence in the accounting process can best be described as:
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a. Transaction, journal entry, source document, ledger account, trial balance. b. Source document, transaction, ledger account, journal entry, trial balance. c. Transaction, source document, journal entry, trial balance, ledger account. d. Transaction, source document, journal entry, ledger account, trial balance. Answer Account. A record that is kept for each asset, liability, equity, revenue, expense, and dividend component of an entity chart of accounts A listing of the accounts of an entity, along with any identification coding control account The total of all subcomponent account records for an account; e.g., the sum of all individual accounts receivable credit The nature of an action to an account to indicate an increase (liabilities, equity, and revenue) or decrease (assets, expenses, and dividends); usually right-justified in an entry debit The nature of an action to an account to indicate an increase (assets, expenses, and dividends) or decrease (liabilities, equity, and revenue); usually left-justified in an entry general ledger A record of the accounts comprising financial statements, and their respective balances journal A chronological listing of the transactions and events of an organization, in debit/credit format journalizing The process of recording transactions and events into the journal posting The process of transferring journal entry effects into the respective general ledger accounts source document
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A document evidencing a transaction or event and potentially providing for the initiation of a journal entry subsidiary account A subcomponent account record providing individual balance details; e.g., the record for one customer out of a group of customers comprising all accounts receivable T-account An abstract representation of an account, with the left side of the "T" representing debits and the right side credits trial balance
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